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South Korea’s Unemployment Rate Unexpectedly Edges Up in May

Economic IndicatorsJun 09, 2021 11:10
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2/2 © Bloomberg. Job seekers look at listings displayed at a job fair in Seoul, South Korea, on Thursday, April 4, 2019. While employment growth accelerated for the second straight month in South Korea, the number of jobs for people age 30-49 extended its years-long decline amid a slowdown in manufacturing that is hurting family breadwinners. Photographer: SeongJoon Cho/Bloomberg 2/2

(Bloomberg) -- South Korea’s unemployment rate rose in May for the first time this year, as more people looked for jobs amid an economic recovery from the pandemic.

The unemployment rate increased to 3.8% from 3.7% in the previous month, data from the statistics office showed Wednesday. Analysts had forecast a 3.6% rate. The economy added 619,000 jobs from a year earlier, a third month of gains.

While consumer activity is picking up and exports are surging, the virus’ continued spread has capped the consumption recovery. The job market could receive support if another extra budget is passed to support vulnerable industries. Finance Minister Hong Nam-ki this month said the government was considering a sixth supplementary spending package to shore up businesses amid the pandemic.

A separate report from the central bank on Wednesday showed the economy grew 1.7% in the first quarter from the previous three months, stronger than the initial estimate.

©2021 Bloomberg L.P.

South Korea’s Unemployment Rate Unexpectedly Edges Up in May
 

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